This fund was privately placed with a Dutch investor group in 2007. The fund provided mezzanine finance for two factory outlet centres in Spain. The two centres managed to increase their turnover and lease income substantially during the financial crisis, which hit Spain and Europe in 2008 and 2009.
In 2010 it was decided to sell the mezzanine interest in the two centres, which resulted in a total IRR, for the investors, of 31% and an equity multiple of 1.9 times the original investment.
The outlet centres are located in Barcelona and Madrid and are managed by Value Retail. The centres are focused on high end fashion brands and leisure shopping.
For more information on these centres see: